FOURTH QUARTER HIGHLIGHTS

  Q4 Q4 %
  2013 2012 (1) Change
Volume (m unit cases) 481 477 1%
Net Sales Revenue (€ m) 1,575 1,605 -2%
Net Sales Revenue per Unit Case (€) 3.27 3.37 -3%
Currency Neutral Net Sales Revenue per Unit Case (€) 3.40 3.37  1%
Comparable Cost of Goods Sold 1,037 1,050 -1%
Comparable EBIT (€ m) 68 56 23%
Comparable Net Profit* (€ m) 34 22 54%
Comparable EPS (€) 0.09 0.06 50%
       
  Full Year Full Year %
Change
  2013 2012
Volume (m unit cases) 2,061 2,085 -1%
Net Sales Revenue (€ m) 6,874 7,045 -2%
Net Sales Revenue per Unit Case (€) 3.34 3.38 -1%
Currency Neutral Net Sales Revenue per Unit Case (€) 3.42 3.38 1%
Comparable Cost of Goods Sold 4,433 4,518 -2%
Comparable EBIT (€ m) 454 453 -
Comparable Net Profit* (€ m) 293 285 3%
Comparable EPS (€) 0.81 0.78 4%

*Comparable Net Profit refers to comparable net profit after tax attributable to owners of the parent.

Fourth Quarter 2013 Full Year 2013
  • Volume grew by 1% in the quarter. More specifically, a 4% volume increase in emerging markets and a stable performance in the established markets were partly offset by a 5% decline in developing markets.
  • Sales: While net sales revenue declined by 2%, currency neutral net sales revenue per case grew by 1%, marking the tenth consecutive quarter of currency neutral net sales revenue growth.
  • Comparable operating profit (EBIT): Comparable EBIT increased by 23% in the fourth quarter. Our revenue growth initiatives and higher volume more than offset total input cost increases in absolute terms. Operating expenses as a percentage of net sales revenue declined by 130bps, more than offsetting the unfavourable foreign currency movements. Comparable EBIT margin increased by 90bps in the fourth quarter of the year.
  • Volume declined by 1% in 2013. A 2% volume increase in emerging markets was more than offset by a 4% decline in established markets and a 3% decline in developing markets.
  • Sales: Net sales revenue declined by 2%. Currency neutral net sales revenue per case grew by 1%, maintaining our growth trend for the third year.
  • Comparable operating profit (EBIT):Comparable EBIT was maintained at the same level as in the prior year. Our revenue growth initiatives offset the negative volume contribution and total input cost increases in absolute terms. Operating expenses as a percentage of net sales revenue declined by 50bps and outweighed unfavourable foreign currency movements, resulting in a 20bps improvement in comparable EBIT margin year-on-year. This is the first margin improvement in the past three years.
  • Full Year 2013 market shares: We continued to win in the marketplace. We gained volume and value share in sparkling beverages in 20 out of our 24 markets including Austria, Greece, Ireland, Italy, Switzerland, the Czech Republic, Romania, Russia, Serbia and Ukraine, while we reached the best ever volume share in sparkling beverages in twelve of our countries.
  • Full Year 2013 free cash flow: We continued to generate strong free cash flow driven by improvements in working capital. In the full year, we generated free cash flow of €413 million, up €71 million on prior year.
  • Dividend: The Board of Directors of Coca‑Cola HBC AG proposes a 35.4 Euro cents dividend per share (2012: 34.0 Euro cents), in line with our progressive dividend policy.

Dimitris Lois, Chief Executive Officer of Coca‑Cola HBC AG, commented:

"We have delivered a strong fourth quarter with growth in both volume and currency neutral net sales revenue per case which, combined with excellent management of operating expenses, led to a 90bps improvement in our EBIT margin.

In the full year, we are encouraged by the results of our initiatives in the market place, which have lead to share gains in most of our markets, as well as the results of our operating expense and working capital management. Our persistent actions have marked 2013 as the year of inflection in EBIT margin and drove working capital to negative levels for the first time. As a result, once again we have delivered solid free cash flow growth. Based on these results and against the backdrop of continuing economic difficulties and volatility in our territories, we are cautiously optimistic about the year ahead.

We remain confident in our ability to continue to drive operational performance and deliver on our strategic commitments: winning in the marketplace, growing currency neutral net sales revenue per case, focusing on cost leadership through tight operating expense control and generating solid free cash flow, enabling us to invest in sustainable growth and create long-term shareholder value."

Conference call

Coca‑Cola HBC will host a conference call with financial analysts to discuss the full year 2013 financial results on 14 February 2014 at 10:00 am Swiss time (9:00 am London, 11:00 am Athens and 4:00 am New York time). Interested parties can access the live, audio webcast of the call through Coca‑Cola HBC’s website (www.coca-colahellenic.com/investorrelations/webcasts).

Enquiries  
Coca‑Cola HBC AG
Basak Kotler
Investor Relations Director
Tel:
email: basak.kotler@cchellenic.com
   
Eri Tziveli
Investor Relations Manager
Tel:  
email: eri.tziveli@cchellenic.com
   
Dimitris Bakas
Investor Relations Manager
Tel:  
email: dimitris.bakas@cchellenic.com
   
International media contact:  
   
StockWell Communications
Rob Morgan
Suzanne Bartch
Anushka Mathew
Tel:
email: robert.morgan@stockwellgroup.com
email: suzanne.bartch@stockwellgroup.com
email: anushka.mathew@stockwellgroup.com
   
Greek media contact:
V+O Communications
Thrasyvoulos Kiousis
Tel:
email: thki@vando.gr